There are several different bases you can use with this tool.
One example swivels so you can trim edges at a variety of different angles. An offsetting base allows you to get into tight corners because the bit is located at the edge of the base, rather than in the center. When working with laminate, this particular base is great for creating a backsplash. You can cut around the edges of a circle with a roundover bit.

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first things first, the lock pin has a spring that is supposed to push it away from the shaft after using, if it is not releasing there could be a burr on the shaft/pin or the spring might be missing. the electrical smell can be from the field or armature and the freezing up might be a bearing which can lead to that smell. I would suggest going to "dewaltservicenet.com" and you can download the owners manual/breakdown for this tool. I think that I saw list price around 63.00 for the trimmer so I would not put a lot of money in the repair. They are not that hard to take apart so let me know if you need more assistance and I will try and help

The motor is part # 3092 and the base is model 3091. When you put the two together it becomes a model 309. A parts list is here. http://www.ereplacementparts.com/porter-cable-3092-type-laminate-trimmer-parts-c-129_1861_1865.html

A typical laminate trimmer is equipped with a 1/4-inch collet. The motor runs in the 20,000-30,000 rpm range – faster than most routers to compensate for the fact that the bits are smaller in diameter.

# Use a straight base.
# Make sure the bit height is correct. To adjust the height, loosen the base and turn the wheel on the side of the tool. When you've got the right height, tighten down the base.
# Rest the tool over the top of the work piece, then turn it on.
# Push the tool forward to trim around the edge of the work.

Changing Bits:
1. Unplug the tool.
2. Turn the knobs on either side of the tool to loosen the base.
3. Remove the base.
4. Press the spindle guide to lock down the shaft.
5. Use a wrench to loosen the collet.
6. Remove the bit and collet. You may have to tap on the collet to loosen; careful not to tap on the cutting edges of the bit.
7. Insert the new bit and collet.
8. Use a wrench to tighten the collet into place.
9. Replace the base.